Reported Earnings • May 25
First quarter 2026 earnings released: kr0.71 loss per share (vs kr0.73 profit in 1Q 2025) First quarter 2026 results: kr0.71 loss per share (down from kr0.73 profit in 1Q 2025). Net loss: kr52.7m (down kr62.9m from profit in 1Q 2025). Board Change • May 20
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Chairman of the Board Klas Astrom is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. お知らせ • Feb 27
Grangex AB, Annual General Meeting, May 19, 2026 Grangex AB, Annual General Meeting, May 19, 2026. お知らせ • Sep 01
Grangex ABt as Announces Completion of A Definitive Feasibility Study for the Restart of Operations At the Sydvaranger Mine GRANGEX AB (publ) (“Grangex” or “the Company”) announced the completion of a Definitive Feasibility Study (“DFS”) for the restart of operations at the Company’s Sydvaranger mine, located in Kirkenes, Northern Norway (the “Sydvaranger Mine”). Key highlights from the DFS include: • Pre-tax NPV8 of USD 1,552m; Pre-Tax IRR of 37.7%; • 25 years total mine life; • Total production of 63.3mt of 70% ultra-high-grade direct reduction magnetite concentrate; • Life of mine cash operating cost of USD 56.1/t of concentrate; • Phase 1 capital expenditure of USD 193.6m and Phase 2 capital expenditure of USD 223.8m. The DFS was managed by SLR Consulting (“SLR”), a Tier-1 international multidisciplinary consulting firm, and prepared according to international reporting standards. Grangex’s stated strategy is to restart production of ultra-high-grade direct reduction magnetite concentrate at the Sydvaranger Mine and to become a leading supplier to the European and global steel industries as they undergo the current ‘green steel revolution’. The currently estimated re-start of operations is in 2026 with first commercial exports in late 2026. The DFS has confirmed Sydvaranger Mine’s techno-economic feasibility to produce an ultra-high-grade direct reduction magnetite concentrate with an Fe content of 70% with low deleterious elements, with the planned processing circuit upgrades. The Sydvaranger Mine is expected to produce 63.3mt of ultra-high-grade direct reduction magnetite concentrate over its 25 year mine life. All produced concentrate will be exported from the Sydvaranger Mines’ captive existing Kirkenes port terminal. Grangex expects to reach its Final Investment Decision (“FID”) by end of 2025 for the commencement of the required construction and refurbishments at the Sydvaranger Mine to enable re-start of operations. FID remains conditional upon successful raising of the required project financing, a process which has been underway since the completion of a previously announced Preliminary Economic Assessment (“PEA”). The DFS has determined the technical, financial, and operational viability for the implementation of the Sydvaranger Mine. The DFS valuated factors such as the ore resource quality, extraction methods, infrastructure needs, environmental impacts, market dynamics process solutions and financial feasibility. Phase 1: Year 1 to Year 4 - Early restart using existing infrastructure to produce 2.5 Mtpa of ultra-high-grade direct reduction magnetite concentrate. Phase 2: Year 4 Onwards- Replace and relocate the primary crusher from Pit 1 to new location to produce 3.0mtpa to 3.5mtpa of ultra-high-grade direct reduction magnetite concentrate. Phase 1 capital expenditure for the Sydvaranger Mine has been estimated at USD 193.6m, including USD 48.3m of capitalized operating expenses and a USD 17.9m contingency. Estimates have been based on supplier quotations to within an estimated +/- 10-15% order of accuracy, reviewed and compiled by SLR. In order to establish a Kirkenes Port FOB price for the Sydvaranger Mine’s production, Grangex retained Fastmarkets, a leading global commodity price reporting agency in the metals and mining space, to conduct an independent market study to confirm the following: Forecast price for 2026 to 2045 for the 67.5% iron ore indices. Forecast Kirkenes Port FOB price for the Sydvaranger concentrate specification. The Kirkenes Port FOB price for the Sydvaranger Mine ultra-high-grade direct reduction magnetite concentrate has been forecast by Fastmarkets as USD 113/t in 2026, rising to a peak of USD150/t by 2035. The forecast for the period 2026 to 2045 has been utilized in the DFS for the financial analysis of the Sydvaranger Mine. Based on the findings of the DFS, SLR recommends that the Sydvaranger Mine proceed to the funding phase, with the expectation of commencing Phase 1 in First Quarter 2026. Sydvaranger Mine as described is economically viable, having achieved consistent profitability in the third year of operation (2029). Sydvaranger Mine is technically viable, employing widely used technologies and processes for iron ore production. Mining methods and equipment are conventional and widely used in the mining industry. There are no significant environmental issues or permits required that could materially hinder development of the Sydvaranger Mine. The product is marketable and within acceptable specifications for direct reduction smelters. There is an offtake agreement in place for 100% of the production and the concentrates are marketable. Grangex has invested in an Asset Integrity study and developed an achievable plan to construct, commission, and operate the Sydvaranger Mine for Phase 1 and through to the second phase. お知らせ • Feb 14
Grangex AB, Annual General Meeting, May 20, 2025 Grangex AB, Annual General Meeting, May 20, 2025. 